Investing.com — U.S. stock index futures were little changed in Tuesday night trading, with uncertainty over the Federal Reserve's interest rate cut plans and expectations for a key jobs report weighing on prices, leading to a wall. The city stabilized after a dismal start to the second quarter.
Investors also locked in profits in some fast-rising sectors, particularly technology, after a rally in tech stocks pushed U.S. stock indexes to a series of record highs in the first quarter.
By 19:11 ET (23:11 GMT), it fell 0.02% to 5,259.50 points and fell 0.01% to 18,328.75 points. It fell by 0.04% to 39,491.0 points.
Wall Street falls from March highs amid rate cut uncertainty
A series of hawkish comments from Fed officials helped markets price in some of the expectations for a rate cut from the central bank, and futures stabilized after two sessions of steep losses in Wall Street indexes.
The Fed struck a somewhat dovish tone at its March meeting, but many officials speaking after the meeting said that persistently high inflation and a strong labor market would prevent the Fed from cutting rates early in the year. I warned you.
While February figures remain strong, March figures due this Friday are expected to show continued strength in the labor market. As a result, traders lowered their expectations for a 25 basis point (bp) rate cut in June, the paper said.
Wall Street indexes have fallen from near record highs in the past two sessions on concerns about longer-term interest rates.
It fell 0.7% to 5,205.81 points on Tuesday, while it fell nearly 1% to 16,240.24 points. Among its peers, it was the worst performer with a decline of 1% to 39,170.24 points.
Technology and medical losses weigh heavily
The decline in tech stocks was the biggest drag on Wall Street as long-term interest rates rose and U.S. Treasury yields also rose.
Artificial intelligence favorite Nvidia Corporation (NASDAQ:) fell 0.3% in aftermarket trading, after falling nearly 10% from its all-time high in March.
Intel Corporation (NASDAQ:) faces $7 billion in operating losses from its foundry business by 2023 as it loses more business to Asian rivals such as TSMC (NYSE:) and TSMC (NYSE:) It fell 3.8% after the announcement. Samsung Electronics Co., Ltd. (KS:).
Tesla Inc. (NASDAQ:) fell 0.4%, widening its losses after falling 4.9% on Tuesday after the electric car maker posted its first quarterly shipment decline in nearly four years.
Insurance companies among healthcare stocks Humana Co., Ltd. (NYSE:), UnitedHealth Group Incorporated (NYSE:) and CVS Health Corporation (NYSE:) stabilized in aftermarket trading after posting steep losses on Tuesday. The loss came after the U.S. government refused to increase payment rates for private Medicare plans.
